People who are thinking about their estate plan may become so focused on the will and trusts that they forget about the need to make plans for what will happen if they become incapacitated. The fact is that bills won’t stop just because you aren’t able to make decisions about paying them. Your need for medical care won’t stop because you can’t make decisions about it.
Setting up a power of attorney for health care and one for finances gives someone you choose the ability to make those decisions for you. You can name the same person for both or you can choose someone different for each one.
What should you think about when naming the power of attorney?
Whether you’re handling the health care or financial power of attorney, you need to ensure the person you name can make decisions that are in your best interests. They shouldn’t let their own feelings cloud their actions.
You need someone who’s responsible and who can make decisions under stressful conditions. It might help them to make those if you talk to them about your wishes while you’re still able to answer questions.
While the power of attorney can help to ensure your affairs are taken care of if you become incapacitated, it is invalid once you pass away. Because of this, you must ensure that you have someone you trust named to handle your estate. Getting all of this taken care of as quickly as possible helps to give you peace of mind that your affairs will be handled if you become incapacitated or pass away.
